If your company is paying for a car, make sure you title it in the company’s name. If the company writes the check yet you put the title in your own name, the IRS is almost surely going to deny the business a depreciation deduction. (This doesn’t apply to sole proprietors; you and your business aren’t separate entities.)
Your company may also lose deductions for insurance, gas, maintenance, etc. Of course, even if the car is in the company’s name, you still have to keep records of the business usage. But if you don’t take the first step, you’ll have an uphill battle. By the way, the same will likely be true for other business assets.
